Currently, the index has formed a lower high and lower low which indicates corrective movement is likely to continue. A fall below 31,294 (Friday’s low) will target 31,010 (38% retracement of the rise from 29,640 to 31,856).

However, any upside will revisit Friday’s high of 31,496; where a rise above will invalidate the corrective view.

Meanwhile, the RSI and the Stochastic Oscillator have generated a sell signal, supporting the above view. JS Securities Limited recommends investors to view any upside as an opportunity to `Sell’, with risk defined above 31,496. The support and resistance are at 31,235 and 31,454, respectively.

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